Resource Library - Renters/Condo Insurance
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Insurance protection differs for those who own a condominium or rent. Learn what you need to know about condo insurance.
What does renters insurance cover and what should I look for in a policy?
It takes time and money to accumulate the things you have. You've worked
hard for them—be sure you have adequate insurance coverage.
Did you know that if you're renting and a fire or other disaster destroys your possessions, you could suffer a significant financial loss unless you have renters insurance? Your landlord’s policy does not cover your personal property. The homeowners or commercial property insurance policy your landlord carries insures the landlord’s property, not yours.
A renter’s insurance policy provides protection for your personal property, such as furniture or electronic equipment, in cases like fire or theft. Renters insurance also provides liability protection. Unintentional bodily injury or property damage that you cause to others could be as financially damaging to you as a fire in your apartment. Liability protection against accidental occurrences (such as someone slipping on a wet floor and breaking an arm) comes standard with renters insurance policies.
Do you rent a house or apartment? Here are three reasons you should consider purchasing renters insurance.
Insurance consumers fall into one of three categories—the Wisely Protected, the Exposed and Unaware, and the Unintentional Over-Spender. While nearly everyone THINKS they are
Wisely Protected, few actually are. If you’re like most people who treat
auto and homeowners insurance like a commodity—or one-size-fits-all—you
risk leaving yourself (and your family) exposed to financial loss or
purchasing coverages you don’t need. Here's how to get wise with
You’ve worked hard to acquire your personal possessions - your home, collectibles, and other personal property. These items represent a significant financial investment that could be lost, if not properly insured. Do you know if you have enough insurance to replace what you have? The time to consider whether you have adequate protection is now.
Wisconsin is no stranger to severe weather. In fact, each year Wisconsin averages 23 tornadoes, according to statistics from Wisconsin Emergency Management. This week, (April 15-19, 2013) marks Severe Weather Awareness Week in Wisconsin - it's also area good reminder to think about protecting yourself and your property. Would your current homeowners policy be enough to cover the damages to your home and your personal property if a tornado damaged your home?
Make sure your insurance is keeping up with your life! We share a few
critical events that should trigger a review of your policies.
you or your kids get a new gadget recently? While you can’t cover every
possible risk, you do have choices in how you can protect those
significant investments. Here are some to consider.
My premium will increase just for filing a claim, won’t it? And my deductible doesn’t apply if I hit a deer, right? Not exactly. We asked the insurance professionals here at WEA Trust Member Benefits to help dispel some of
Is your child heading to college this fall with plans to rent? If they are still your dependent and attend college, they may be covered on your homeowners policy. Even so, there are a few reasons you may want to consider purchasing a separate renters insurance policy for your college-bound child.
1. The deductible on a renters insurance policy may be less than on your homeowners policy.
2. If there is a claim, it will not show up on your homeowners policy and possibly affect your premiums.
3. Renters insurance is relatively inexpensive.
If your college-bound child plans to rent this fall and is still your
dependent, they may be covered on your homeowners policy. However,
depending on your situation, there may be reasons to consider purchasing
a separate renters insurance policy for your child.
Costumes, decorations, treats, and sometimes tricks—these things make Halloween a favorite holiday. But this widely celebrated day of ghosts and goblins also has the potential for costly mishaps. As homeowners, renters, and motorists, consider the important role your insurance plays in protecting you and your finances in the event the unexpected happens.
Did you know standard homeowners policies provide only limited protection for high-value items? Adding an endorsement (also called a rider or schedule) to your homeowners policy for valuable possessions can provide coverage for their full worth. Here's what you should know about scheduling your valuables.
Condo living is increasing in popularity among empty nesters and young
families alike. If you’re planning to make a condo your home, make sure
you take steps to protect your investment. Insurance needs for condo owners are different than the typical single family homeowner.
As a Wisconsin public school employee, you are eligible to participate in our high-quality personal insurance program,
which includes auto, home, condo, renters, flood, and umbrella
insurances. Our insurance products have been tailored to meet your
unique needs as a Wisconsin educator. However, if you’re retiring soon and are interested in our insurance products, plan ahead.
Did you know that you can stay insured with us even after you leave your school job or retire? And your Member Benefits’ 403(b) and IRA accounts can remain with us whether you retire, change districts, or change professions?
Our condo discount programs can save you money on your insurance premium. Review your coverage regularly with one of our Member Service Consultants to be sure you’re receiving all of the discounts for which you qualify.
renters discount programs can save you money on your insurance premium.
Review your coverage regularly with one of our Member Service
Consultants to be sure you’re receiving all of the discounts for which
A word to the wise renter: Insurance. Your personal possessions (your clothes, furniture, electronics, etc.) are not covered under your landlord’s insurance policy. Your landlord’s policy only covers your landlord’s property, not yours. Renters insurance provides protection for your personal property.
“You never know what you’re gonna to
get.” Words of wisdom from the character Forrest Gump and reason to make
sure you and your family are adequately protected from the challenges
that life can throw your way. If you haven’t
reviewed your coverage lately, contact us for a free consult.
Member Benefits makes it easy to take care of your insurance needs online. You can file a claim, update your policy, learn about your coverage, and more...whenever it's convenient to you. Here's a little summary of what you can find on our website to help you with your insurance needs.
Are you renting a home or apartment from
someone else? Did you know that you could suffer a significant financial
loss if you don’t have renters insurance? This is because your
landlord’s policy does not cover your personal property.
We have three reasons to have renters insurance.
They certainly grow up fast. At some point they will be on their
own—making their own decisions, buying their own insurance, and renting
their own apartment.
Good news! Dependent children on your auto
insurance policy may continue insurance coverage with Member Benefits
after they are on their own. When your son or daughter is ready to
purchase their own policy, give us a call. We can help them evaluate
their insurance needs and give them a quote.
Let us answer your retirement savings
questions and make sure your auto and home insurance is providing you
and your family the protection you need.
Free summer financial planning consultations and insurance consultations fill up fast. Call now to schedule yours.
An insurance consultation is a free service to Wisconsin public school employees.
Unlike homeowners who must insure the entire structure (their house), condo owners must take a slightly different approach when determining their insurance needs. Here is a guideline condo owners can use to determine what they’re responsible for insuring to make
For condos, calculate how much coverage you need by breaking it down into two parts: coverage for contents and coverage for structural items.
Things to consider when purchasing renters insurance.
A renter's insurance policy provides protection for your personal property, such as furniture or electronic equipment, in case of perils like fire or theft.
Condo owners have different insurance needs than homeowners because typically a portion of the insurance is provided by the condo association. However, each association handles this differently, so understanding who covers what is important for protecting your investment. Work with a Personal Insurance Consultant to determine the coverage you need.
There are a number of reasons you might find yourself with a vacant property. Whatever the reason, insuring a property that is vacant is not easy and may be impossible.
Did you know that WEAC members receive preferred pricing on Member Benefits programs and services? WEAC created programs such as our nationally recognized 403(b) and personal insurance programs to give members a quality alternative to for-profit providers of financial services.
While eligibility for participation generally includes all Wisconsin public school employees, WEAC members receive preferred pricing. Most recently, we added a WEAC member discount for members participating in our auto, home, renters and condo insurance programs.
Because WEA P&C is only licensed as an insurance carrier in the state of Wisconsin, we are not able to provide coverage for non-Wisconsin residents. So, if you decide to take up permanent residence outside of Wisconsin in retirement, you will have to find another insurance carrier.
Snowbirds who choose to go south or elsewhere for an extended period continue to be eligible as long as they maintain their primary residence in Wisconsin. However, vehicles licensed in another state for use during their stay cannot be included on their WEA P&C policy. Also, we are only able to provide home, condo, or renters insurance for property inside of Wisconsin.
Myth #1: My landlord's insurance covers me Your landlord's insurance covers your landlord's property, not yours. Additionally, the liability insurance your landlord carries is limited to injuries on his property, not in your apartment. So if a friend falls off a ladder while painting and breaks a leg, you may be resp